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Is Sunshine Global CircuitsLtd (SZSE:300739) A Risky Investment?
Is Sunshine Global CircuitsLtd (SZSE:300739) A Risky Investment?
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. As with many other companies Sunshine Global Circuits Co.,Ltd. (SZSE:300739) makes use of debt. But is this debt a concern to shareholders?
What Risk Does Debt Bring?
Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. If things get really bad, the lenders can take control of the business. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we think about a company's use of debt, we first look at cash and debt together.
View our latest analysis for Sunshine Global CircuitsLtd
What Is Sunshine Global CircuitsLtd's Net Debt?
As you can see below, Sunshine Global CircuitsLtd had CN¥674.7m of debt at March 2022, down from CN¥783.9m a year prior. However, its balance sheet shows it holds CN¥1.14b in cash, so it actually has CN¥460.6m net cash.
SZSE:300739 Debt to Equity History July 28th 2022How Healthy Is Sunshine Global CircuitsLtd's Balance Sheet?
According to the last reported balance sheet, Sunshine Global CircuitsLtd had liabilities of CN¥1.10b due within 12 months, and liabilities of CN¥493.0m due beyond 12 months. Offsetting this, it had CN¥1.14b in cash and CN¥433.8m in receivables that were due within 12 months. So its total liabilities are just about perfectly matched by its shorter-term, liquid assets.
Having regard to Sunshine Global CircuitsLtd's size, it seems that its liquid assets are well balanced with its total liabilities. So while it's hard to imagine that the CN¥5.05b company is struggling for cash, we still think it's worth monitoring its balance sheet. Despite its noteworthy liabilities, Sunshine Global CircuitsLtd boasts net cash, so it's fair to say it does not have a heavy debt load!
On top of that, Sunshine Global CircuitsLtd grew its EBIT by 34% over the last twelve months, and that growth will make it easier to handle its debt. There's no doubt that we learn most about debt from the balance sheet. But you can't view debt in total isolation; since Sunshine Global CircuitsLtd will need earnings to service that debt. So if you're keen to discover more about its earnings, it might be worth checking out this graph of its long term earnings trend.
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. Sunshine Global CircuitsLtd may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. During the last three years, Sunshine Global CircuitsLtd burned a lot of cash. While that may be a result of expenditure for growth, it does make the debt far more risky.
Summing Up
We could understand if investors are concerned about Sunshine Global CircuitsLtd's liabilities, but we can be reassured by the fact it has has net cash of CN¥460.6m. And it impressed us with its EBIT growth of 34% over the last year. So we are not troubled with Sunshine Global CircuitsLtd's debt use. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. To that end, you should learn about the 3 warning signs we've spotted with Sunshine Global CircuitsLtd (including 1 which is a bit concerning) .
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
一些人说,作为投资者,考虑风险的最佳方式是波动性,而不是债务,但巴菲特曾说过一句名言:波动性远非风险的同义词。当你考察一家公司的风险有多大时,考虑它的资产负债表是很自然的,因为当一家企业倒闭时,债务往往会涉及到它。与许多其他公司一样阳光环球电路有限公司。(SZSE:300739)利用债务。但这笔债务对股东来说是一个担忧吗?
债务会带来什么风险?
一般来说,只有当一家公司无法轻松偿还债务时,债务才会成为一个真正的问题,无论是通过筹集资金还是用自己的现金流。如果情况真的变得很糟糕,贷款人可以控制业务。然而,更常见(但代价仍然高昂)的情况是,一家公司必须以极低的价格发行股票,永久性地稀释股东的股份,只是为了支撑其资产负债表。话虽如此,最常见的情况是一家公司对债务管理得相当好--并对自己有利。当我们考虑一家公司的债务用途时,我们首先会把现金和债务放在一起看。
查看我们对阳光全球电路有限公司的最新分析
阳光环球电路有限公司的净债务是多少?
如下所示,截至2022年3月,阳光全球电路有限公司的债务为6.747亿加元,低于一年前的7.839亿加元。然而,其资产负债表显示,它持有11.4亿元人民币的现金,因此它实际上拥有4.606亿元净现金。
深圳证交所:300739债转股历史2022年7月28日阳光环球电路有限公司的资产负债表有多健康?
根据最新报告的资产负债表,阳光环球电路有限公司有11亿加元的负债在12个月内到期,4.93亿加元的负债在12个月后到期。作为抵消,它有11.4亿加元的现金和4.338亿加元的应收账款在12个月内到期。因此,它的总负债与其较短期的流动资产几乎完全匹配。
考虑到阳光环球电路有限公司的规模,其流动资产与总负债似乎达到了很好的平衡。因此,尽管很难想象这家50.5亿元人民币的公司正在为现金而苦苦挣扎,但我们仍然认为值得监控其资产负债表。尽管阳光全球电路有限公司有值得注意的负债,但它拥有净现金,所以公平地说,它没有沉重的债务负担!
最重要的是,阳光全球电路有限公司在过去12个月中息税前利润增长了34%,这一增长将使其更容易处理债务。毫无疑问,我们从资产负债表中了解到的债务最多。但你不能完全孤立地看待债务,因为阳光全球电路有限公司需要盈利来偿还债务。因此,如果你热衷于了解更多关于它的收益,可能值得查看一下它的长期收益趋势图。
最后,尽管税务人员可能喜欢会计利润,但贷款人只接受冷硬现金。阳光全球电路有限公司的资产负债表上可能有净现金,但看看该业务将息税前收益(EBIT)转换为自由现金流的情况仍然很有趣,因为这将影响其对债务的需求和管理债务的能力。在过去的三年里,阳光全球电路有限公司烧掉了大量现金。尽管这可能是增长支出的结果,但它确实使债务的风险大得多。
总结
如果投资者担心阳光环球电路有限公司的负债,我们可以理解,但我们可以放心的是,它拥有4.606亿元人民币的净现金。去年息税前利润增长了34%,给我们留下了深刻的印象。因此,我们对阳光环球电路有限公司的债务使用并不感到困扰。当你分析债务时,资产负债表显然是你关注的领域。但归根结底,每家公司都可能包含存在于资产负债表之外的风险。为此,您应该了解3个警示标志我们已经发现了阳光全球电路有限公司(包括1,这是一个有点令人担忧)。
总而言之,有时候专注于甚至不需要债务的公司会更容易。读者可以访问净债务为零的成长型股票列表100%免费,现在。
对这篇文章有什么反馈吗?担心内容吗? 保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。
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在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
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在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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